TYLER, Texas — Despite the Texas economy gradually reopening, many small businesses are still struggling to stay afloat amid the COVID-19 pandemic.
There are options for businesses needing money like the Paycheck Protection Program and among other loans and grants. Yet many small business owners who need it the most are not receiving the funds.
“They all involve an application process, and people have to provide detailed information," said Tom Mullins, CEO/President of the Tyler Economic Development Council.
Mullins said a good portion of the Tyler/Smith County economy is made up of small businesses primarily in the retail service sector. In Texas alone, there are 2.7 million small businesses, according to the Small Business Administration.
“We probably have 6 or 7,000 operating business entities in Tyler/Smith County," Mullins explained. “A lot of [businesses] don't have the layers of staffing or resources to be able to fill these applications out correctly and get the dollars that I think they need in order to survive."
One of the reasons Mullins said people might not be picked to receive money is because of a lack of resources. He recommends people talk with their bank, not only about the application process, but to see if there are any other programs they are eligible to apply for.
“I think a lot of those families and individuals missed out because they just didn't have enough information,” said Mullins.
Business owners can get free advice from the Tyler Junior College Small Business Development Center or the University of Texas at Tyler Soules College of Business.
People can also reach out to the Better Business Bureau (BBB) or the Tyler Economic Development Council for referrals for help. The BBB also has a grant for eligible businesses.
Mullins said the Economic Development Council is currently working on applying for a new grant itself.
“That will be structured as a low interest fixed rate loan program for a broader cross-section of businesses, not just manufacturing, but retail, service, entertainment,” Mullins explained. “And we're hoping that it'll be available within the next 30 to 45 days.”
Some East Texas municipalities are also offering funds to help the economy like Wood County, which has created a relief fund program that will distribute up to $200,000 of funds to different eligible businesses.